Oil prices continued their drop Wednesday, falling to an 18-year low as Russia and Saudi Arabia plan to ramp up production amid fallout from the coronavirus.

West Texas Intermediate fell 26% to $20.08 a barrel as of 3:35 p.m. EST, while Brent Crude fell 11% to $25.62 a barrel at that time. Earlier in the day, Brent Crude fell 14% to $24.52 a barrel.

Russia and Saudi Arabia have both made plans to ramp up oil production in a race for market share. Saudi Arabia has previously pushed Russia to cut production to deal with lower demand due to coronavirus, but Moscow refused, resulting in the price war. The lower oil prices have caused gas prices to drop well below $2 in many parts of the U.S.

Paul Sankey, managing director at Mizuho Securities, told Fox Business that he predicts the oil prices could go negative. This could devastate the oil industry, particularly in the U.S.

President Trump has recently instructed the Department of Energy to buy more oil for the Strategic Petroleum Oil Reserve, a boost for American shale companies. House Democrats, however, warned Trump on Tuesday against a complete bailout of the oil industry.

“Diverting public funds to bail out this industry will do nothing to stop the spread of this deadly virus or provide relief to those in need,” a letter signed by 20 House Democrats said, with the effort spearheaded by Rep. Nanette Diaz Barragan, D-Calif. “A bailout tells the American public that fossil fuel investors can rely on U.S. taxpayers to cover their bills when the industry’s corporate executives’ risky investments don’t pan out.”

As long as the coronavirus continues to dampen global demand for oil and the Russia-Saudi price war moves forward, it's likely that the price of oil will continue to drop.

There are more than 200,000 coronavirus cases worldwide, temporarily shutting down businesses around the world.

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